Rowan Companies PLC (NYSE:RDC) Stake Lifted by Retirement Systems of Alabama

Retirement Systems of Alabama raised its holdings in Rowan Companies PLC (NYSE:RDC) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,707 shares of the oil and gas company’s stock after purchasing an additional 1,080 shares during the quarter. Retirement Systems of Alabama owned 0.13% of Rowan Companies worth $1,788,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in RDC. Endurance Wealth Management Inc. grew its stake in Rowan Companies by 600.0% during the fourth quarter. Endurance Wealth Management Inc. now owns 7,000 shares of the oil and gas company’s stock worth $59,000 after buying an additional 6,000 shares in the last quarter. United Services Automobile Association raised its holdings in Rowan Companies by 9.0% during the 4th quarter. United Services Automobile Association now owns 29,311 shares of the oil and gas company’s stock worth $246,000 after purchasing an additional 2,427 shares during the last quarter. Vanguard Group Inc raised its holdings in Rowan Companies by 1.8% during the 3rd quarter. Vanguard Group Inc now owns 11,433,713 shares of the oil and gas company’s stock worth $215,296,000 after purchasing an additional 201,393 shares during the last quarter. TIAA CREF Investment Management LLC raised its holdings in Rowan Companies by 99.5% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 817,864 shares of the oil and gas company’s stock worth $15,400,000 after purchasing an additional 407,931 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Rowan Companies by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,250,359 shares of the oil and gas company’s stock worth $42,376,000 after purchasing an additional 125,042 shares during the last quarter. 99.06% of the stock is currently owned by institutional investors.

Several research firms have issued reports on RDC. ValuEngine lowered shares of Rowan Companies from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Zacks Investment Research raised shares of Rowan Companies from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. HSBC raised shares of Rowan Companies from a “hold” rating to a “buy” rating and set a $11.37 price target for the company in a research report on Friday, March 8th. Barclays set a $12.00 price target on shares of Rowan Companies and gave the company a “sell” rating in a research report on Tuesday, March 5th. Finally, Credit Suisse Group set a $11.00 price target on shares of Rowan Companies and gave the company a “hold” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $14.67.

RDC remained flat at $$10.93 during mid-day trading on Wednesday. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.39 billion, a PE ratio of -2.94 and a beta of 2.52. Rowan Companies PLC has a twelve month low of $7.77 and a twelve month high of $20.87.

Rowan Companies (NYSE:RDC) last posted its quarterly earnings data on Wednesday, February 27th. The oil and gas company reported ($1.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($1.07) by ($0.04). The firm had revenue of $179.40 million for the quarter, compared to analysts’ expectations of $166.30 million. Rowan Companies had a negative return on equity of 9.19% and a negative net margin of 42.12%. Rowan Companies’s revenue was down 39.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.31) earnings per share. Sell-side analysts predict that Rowan Companies PLC will post -3.61 EPS for the current fiscal year.

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About Rowan Companies

Rowan Companies plc provides offshore contract drilling services to the oil and gas industry. The company operates through three segments: Deepwater, Jack-ups, and ARO. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 15 self-elevating jack-up rigs. The ARO segment operates a fleet of 6 self-elevating jack-up rigs.

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Institutional Ownership by Quarter for Rowan Companies (NYSE:RDC)

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